Key Takeaways
- • Spiko, a London- and Paris-based tokenized money-market fund platform, raised $90 million in Series B funding led by New Enterprise Associates (NEA), bringing total funding to $120 million following a $75 million Series A in November 2025.
- • The funding round includes participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, and other institutional investors, plus prominent angels including Axel Weber, former president of the Bundesbank, and Qonto founders.
- • Spiko has grown to manage $2.7 billion in tokenized cash funds across more than 10,000 businesses and individuals spanning over 25 jurisdictions in just over two years, positioning itself as the world's largest issuer of tokenized cash funds.
- • The platform addresses a structural market inefficiency: approximately $50 trillion in cash and deposits held in Europe and the United States earns minimal yield, while central bank rates range from 2.5% in the eurozone to nearly 4% in the U.S., representing potential annual returns of $500 billion per percentage point of yield.
- • Spiko's founder and CEO Paul-Adrien Hyppolite, an ex-French Treasury official, built the platform to democratize access to yield-bearing money market funds, which have remained concentrated among institutional investors and high-net-worth individuals outside the United States.
Summary
Spiko announced a $90 million Series B funding round led by New Enterprise Associates, marking a significant expansion for the fintech platform that has emerged as the world's leading issuer of tokenized cash funds. The round brings the company's total capital raised to $120 million, following a $75 million Series A in November 2025 that was characterized as one of the largest fintech Series A rounds on record.
The funding syndicate reflects both institutional and prominent individual confidence in Spiko's business model. Beyond NEA, the round includes participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures, and Wintermute Ventures. Notable angel investors include Axel Weber, former president of the Bundesbank, and the founders of Qonto, signaling backing from experienced financial leaders and successful fintech entrepreneurs.
In just over two years of operation, Spiko has accumulated $2.7 billion in assets under management across tokenized cash funds, serving more than 10,000 customers—businesses, individuals, and financial platforms—across 25 jurisdictions. The company's rapid scale underscores substantial demand for its core value proposition: providing universal access to yield on idle cash balances.
Spiko targets a fundamental market inefficiency. Approximately $50 trillion in cash and deposits sits in Europe and the United States earning minimal or no yield, despite central bank rates of 2.5% in the eurozone and close to 4% in the U.S. This represents roughly $500 billion in annual foregone returns per percentage point of yield. Traditional money market funds offer an established mechanism for cash yield, but they have remained largely unavailable to retail investors and small institutions outside the United States. Spiko leverages tokenization to bridge this gap, allowing everyday businesses, entrepreneurs, nonprofits, and smaller financial institutions direct access to money market yields previously available primarily to large banks and institutional investors. According to CEO Paul-Adrien Hyppolite, an ex-French Treasury official, the platform's mission is to make cash "earn by default, around the clock," establishing yield as a universal entitlement rather than a privilege of scale and institutional status.
The funding syndicate reflects both institutional and prominent individual confidence in Spiko's business model. Beyond NEA, the round includes participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures, and Wintermute Ventures. Notable angel investors include Axel Weber, former president of the Bundesbank, and the founders of Qonto, signaling backing from experienced financial leaders and successful fintech entrepreneurs.
In just over two years of operation, Spiko has accumulated $2.7 billion in assets under management across tokenized cash funds, serving more than 10,000 customers—businesses, individuals, and financial platforms—across 25 jurisdictions. The company's rapid scale underscores substantial demand for its core value proposition: providing universal access to yield on idle cash balances.
Spiko targets a fundamental market inefficiency. Approximately $50 trillion in cash and deposits sits in Europe and the United States earning minimal or no yield, despite central bank rates of 2.5% in the eurozone and close to 4% in the U.S. This represents roughly $500 billion in annual foregone returns per percentage point of yield. Traditional money market funds offer an established mechanism for cash yield, but they have remained largely unavailable to retail investors and small institutions outside the United States. Spiko leverages tokenization to bridge this gap, allowing everyday businesses, entrepreneurs, nonprofits, and smaller financial institutions direct access to money market yields previously available primarily to large banks and institutional investors. According to CEO Paul-Adrien Hyppolite, an ex-French Treasury official, the platform's mission is to make cash "earn by default, around the clock," establishing yield as a universal entitlement rather than a privilege of scale and institutional status.
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